Veeba forays into new segment, aims to capture 5% market share
As Veeba Foods enters the child nutrition segment with V- Nourish, Viraj Bahl, Founder & MD says the product will disrupt the Health Food Drink category with a unique product experience
Veeba Food Services Pvt. Ltd has recently launched V- Nourish, a new category to enter into the child nutrition segment. The company has roped in Shahrukh Khan as the brand ambassador to promote the particular segment. The child nutrition segment is of 7, 000 crore, which is dominated by brands like Horlicks, Bournvita, Nestle and others. Although they didn’t reveal how much the brand will be spending on the marketing activities for their new product, the brand is confident to capture 5% of the market share by this fiscal year.
According to Viraj Bahl, Founder & MD of Veeba and V-Nourish, “We have taken a big leap with the launch of a new portfolio. We believe in creating distinct product experiences that challenge the category codes and solve existing gaps in the market. V-Nourish is going to disrupt the Health Food Drink category with a unique product experience”.
Health Food Drink segment in India is pegged at approximately 6000 crores growing at 9% Y-O-Y. Out of this, the split between value HFD and premium HFD is 85:15. “While value HFD is growing at 5%, the premium category is seeing a growth of 12%. We will be operating in the premium category with our nutrition brand V-Nourish”, he shares.
The brand started its journey as the condiments supplier to QSR chains such as KFC, Dominos India, Pizza Hut, Taco Bell and many others, but it has tapped into the consumer retail market as well to have a better and wider presence, Bahl explains that supplying their products to others has fuelled the growth of the company, “Growing familiarity with global authentic palate is helping in easy adoption of our products and growth in the retail market. Not just this, since we’re following stringent global quality standards, we continue to reassure our consumer of the highest quality”.
When asked how their marketing lines have been changed over the years, he replied, “It has always revolved around creating the best possible product experiences. The Indian consumer is evolved and intelligent and if we take our product to them with honesty and transparency, they would make the right choice always. Therefore even in our launch campaign, we’ve emphasized on reading the label before making the choice since we’ve declared all information including RDA on the pack”.
Their association with SRK will only be restricted to V- Nourish, the brand doesn’t have any plans to have a celebrity face for their main product Veeba.
“We are going to be present wherever our consumers are. We have a comprehensive 360-degree campaign live across mediums”, he adds on their marketing mix.
While Bahl declined to comment on the total revenue of the company, he did reveal, ‘It is growing at a healthy rate’.
However, according to a media report, growth is in the three digits and revenue is growing by an average of 40% annually. It also states, that the brand usually spends 10-12 per cent of its revenue on marketing and advertising.
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